CNB Bank Takes Position in Spotify Technology (NYSE:SPOT)

CNB Bank bought a new position in Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 553 shares of the company's stock, valued at approximately $304,000.

Other large investors also recently modified their holdings of the company. Mpwm Advisory Solutions LLC purchased a new stake in Spotify Technology in the fourth quarter worth about $26,000. Hillsdale Investment Management Inc. purchased a new stake in Spotify Technology in the fourth quarter worth about $27,000. Copia Wealth Management purchased a new stake in Spotify Technology in the fourth quarter worth about $29,000. North Star Investment Management Corp. lifted its holdings in Spotify Technology by 52.8% in the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after buying an additional 19 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Spotify Technology by 209.1% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company's stock worth $37,000 after buying an additional 46 shares during the period. 84.09% of the stock is owned by institutional investors.

Spotify Technology Trading Down 0.6%

NYSE:SPOT traded down $4.66 during trading hours on Monday, reaching $767.94. The company had a trading volume of 1,932,584 shares, compared to its average volume of 2,207,707. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $785.00. The firm's 50 day moving average price is $669.15 and its 200-day moving average price is $586.72. The firm has a market cap of $157.20 billion, a price-to-earnings ratio of 127.35, a PEG ratio of 2.03 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the previous year, the firm earned $0.97 EPS. The company's revenue was up 15.2% on a year-over-year basis. On average, analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have commented on the stock. China Renaissance assumed coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price objective for the company. KeyCorp dropped their price target on Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Wells Fargo & Company boosted their price target on Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a research report on Friday, March 28th. Evercore ISI boosted their price target on Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a research report on Monday, June 16th. Finally, UBS Group boosted their price target on Spotify Technology from $680.00 to $895.00 and gave the stock a "buy" rating in a research report on Friday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Spotify Technology currently has an average rating of "Moderate Buy" and an average price target of $654.93.

Spotify Technology Company Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.